New Delhi, Feb. 18 -- The sharp downturn in the Indian stock markets over the last few months has failed to create much value, according to brokerage Kotak Institutional Equities.

The Indian stocks have been going through a rough phase in recent months as the world's fifth-largest stock market faces heightened uncertainty due to global economic concerns, elevated valuations, and cautious investor sentiment. To be precise, markets have been in a continuous slide since October as weak earnings have raised concerns about stretched valuations, while slower economic growth has led investors to believe that a near-term recovery is unlikely.

Amidst this, escalating trade tensions have further fueled worries, prompting investors to flee from ri...